Social psychologist Jonathan Haidt, a professor at New York University's Stern School of Business, makes a good case for enlightened capitalism.
"Any country that gets capitalism right will prosper," Haidt told an engaged audience recently at the 2022 Hendrickson Forum on business ethics at St. Mary's University's Minneapolis campus.
Haidt, whose TED talks on capitalism and economic-political polarity in America have been viewed more than 7 million times, documents how the freedom to create a product or service and sell at a profit has elevated most of the world from abject poverty since 1800.
Pope Francis has said "unbridled capitalism" exploits the dignity and rights of workers and is the "dung of the devil," Haidt recalled. The pope also called ethical business that provides fairly for workers and environmental stewardship "noble and a blessing."
Haidt said institutions like St. Mary's — which educates thousands of students annually, disproportionately adult learners and people of color — contribute to the good.
An example: Tony Sanneh, honored at the Hendrickson Forum for his ethical leadership. Raised by a single parent, Sanneh, 49, attended St. Paul Academy on a scholarship. He went on to earn $1 million a year playing soccer in Europe and was a star on the 2002 U.S. World Cup team.
He retired in 2010 to build his Sanneh Foundation into a force for good.
"I got up earlier to take two city buses to school from the east side," Sanneh recalled. "I remember the BMWs in that parking lot. I didn't have much. I was a poor Black kid. But being good at soccer gave me social capital. A network."